- US Department of the Treasury and the Office of the US Trade Representative announce their intent to sign the Bilateral Agreement between the US and the UK on Prudential Measures Regarding Insurance and Reinsurance (US-UK Covered Agreement)
- Insurance Europe raises serious concerns in its response to a consultation by the European Commission on its draft proposals for the 2018 review of the Solvency II Delegated Regulation
- Insurance Europe seriously concerned by the quick-fix approach taken by the European Supervisory Authorities (ESAs) in their proposals for changes to the Key Information Document (KID) for Packaged Retail Investment and Insurance Products (PRIIPs)
- Commercial insurance prices in the US increased by over 2% in the third quarter of 2018 according to Willis Towers Watson CLIPS survey
- SME attitude to cyber security worrying says Aon after commissioning poll
- Beazley launches cyber and breach response portal that provides exclusive access to a wealth of risk management information and risk mitigation tools to its Beazley Breach Response (BBR) policyholders in the UK, France, Spain and Italy
- Royal London CEO and Chair to stand down expired
- Co-operators selects Guidewire Predictive Analytics for Claims to embed predictive insights into Guidewire ClaimCenter expired
- Willis Towers Watson launches latest version of its innovative Radar software expired
- Coverys to join DTW’s panel of capacity providers as one of its largest backers expired
- Peak Re launches Asia’s first sidecar transaction via a new Bermuda-domiciled special purpose insurer, Lion Rock Re expired
- Ed appoints CEO-designate and is setting up a new broking platform in Bermuda expired
19th September 2018
PRA issues consultation paper related to the extension of the Senior Managers and Certification Regime(SM&CR) to insurers
In consultation paper(CP) 20/18 published this week, the Prudential Regulation Authority(PRA) sets out its proposed rules for some consequential changes, and minor administrative amendments, related to the extension of the Senior Managers and Certification Regime(SM&CR) to insurers.
The CP should be read in conjunction with PRA Policy Statement(PS) 15/18 ‘Strengthening individual accountability in insurance: Extension of Senior Managers and Certification Regime to insurers’, and Financial Conduct Authority(FCA) PS18/15 ‘Extending the Senior Managers and Certification Regime to insurers– Feedback to CP17/26 and CP17/41 and near final rules’, along with the proposals in PRA CP18/18 ‘Strengthening accountability: implementing the extension of the SM&CR to insurers’.
The CP is relevant to Solvency II insurers. It includes proposals for some technical consequential changes to the rules in the PRA Rulebook for the implementation of the SM&CR, relating to the ‘current approved person approval’ status of those individuals who will be in a ‘designated senior management function’ following the commencement of the extension of the SM&CR to insurers. In addition, the CP includes some minor administrative amendments.
The extended SM&CR for insurers will come into effect from 10th December 2018. The PRA proposes that the rule changes in this CP will therefore apply from the same date(other than one minor administrative change in Annex H of the Appendix that will apply from 1st January 2019).
The consultation closes on 17th October 2018 so that final rules can be made in advance of implementation so as to give firms and industry participants certainty on the technical details of the regime prior to commencement. The PRA invites feedback on the proposals set out in the consultation.
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